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Business, 25.12.2019 23:31 tchase0616
Acey inherits unimproved land (fair market value of $6 million) from her father on june 1, 2019. she disclaims her interest in the property as follows: one-third on december 1, 2019; one-third on january 3, 2020; and the remaining one-third on may 31, 2020. in all cases, the disclaimers pass the interest to her son (the next heir under state law). the federal gift tax applies to stacey for:
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Business, 23.06.2019 15:00
Baskin promotions, inc. sells t-shirts decorated for a variety of concert performers. the company has developed the following budget for the coming year based on a sales forecast of 80,000 t-shirts: sales $ 1,400,000 cost of goods sold 820,000 gross profit 580,000 operating expenses ($100,000 is fixed) 418,400 operating income 161,600 income taxes (30% of operating income) 48,480 net income $ 113,120 cost of goods sold and variable operating expenses vary directly with sales, and the income tax rate is 30% at all levels of operating income. if the concert season is slow due to poor weather, baskin estimates that sales could fall to as low as 60,000 t-shirts. assume baskin actually achieves the 60,000 unit sales level, and that net income actually earned at this level was $70,000. a performance report would indicate that net income was:
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Acey inherits unimproved land (fair market value of $6 million) from her father on june 1, 2019. she...
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